[一季报]招港B(201872):2025年第一季度报告（英文）

 时间：2025年04月29日 21:09:52 中财网

原标题:招港B:2025年第一季度报告（英文）

Stock Code: 001872/201872 Stock Name: CM Port Group/CM Port Group B Announcement No. 2025-033 China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the Company’s Board of Directors hereby guarantee that the contents of this Report are factual, accurate and complete and free of any misrepresentations, misleading statements or material omissions.


Important Notes:

1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and
senior management of the Company hereby guarantee the factuality, accuracy and completeness of the contents of
this Report, and shall be jointly and severally liable for any misrepresentations, misleading statements or material
omissions therein.
2. Xu Song, the Company’s legal representative, Huang Zhenzhou, the Company’s Chief Financial Officer and
Liu Shixia, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in
this Report are factual, accurate and complete.
3. Indicate by tick mark whether the financial statements herein have been audited by an independent auditor.
□Yes √ No
4. Matters with modified audit opinions issued by independent auditors □ Applicable √ Not applicable
5. Securities Times, China Securities Journal, Shanghai Securities News and http://www.cninfo.com.cn have been
designated by the Company for information disclosure. And all information about the Company shall be subject to
what’s disclosed on the aforesaid media.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes √ No

　Q1 2025Q1 2024YoY change
Total operating income (RMB)4,214,355,369.193,866,684,797.878.99%
Net profit attributable to shareholders of the Company (RMB)1,090,726,175.191,036,713,969.255.21%
Net profit attributable to shareholders of the Company after deducting non-recurring gains and losses (RMB)1,059,858,307.79812,854,501.4630.39%
Net cash inflow from operating activities (RMB)1,172,302,133.441,423,655,572.28-17.66%
Basic earnings per share (RMB/share)0.440.417.32%
Diluted earnings per share (RMB/share)0.440.417.32%
Weighted average return on equity (%)1.77%1.75%0.02%
　31 March 202531 December 2024Change
Total assets (RMB)204,263,241,996.94201,517,851,881.451.36%
Equity attributable to shareholders of the Company (RMB)62,600,706,274.3761,502,739,842.961.79%
The total share capital at the end of the last trading session before the disclosure of this Report:

Total share capital at the end of the last trading session before the disclosure of this Report (share)2,501,384,781
Diluted earnings per share based on the latest total share capital above:
Diluted earnings per share based on the latest total share capital above (RMB/share)0.4360
(II) Non-recurring gains and Losses
Unit: RMB

ItemQ1 2025Note
Gains or losses on disposal of non-current assets, including those charged off for which provision for impairment of assets has been made16,931,453.01-
Government grants recognized in profit or loss (other than grants which are closely related to the Company's business, in line with the national regulations, enjoyed under established standards and have a continuous impact on the Company's profit or loss)1,021,137.89-
Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises other than effective hedging operation relating to the Company's normal operations, and gains or losses from disposal of financial assets and financial liabilities25,722,300.49-
Income earned from lending funds to non-financial institutions and recognized in profit or loss22,961,290.08-
Reversal of provision for accounts receivable that are tested for6,093,875.03-
impairment individually　　
Other non-operating income or expenses other than above1,974,669.42-
Less: Income tax effects11,700,872.33-
Effects of non-controlling interests (after tax)32,135,986.19-
Total30,867,867.40--
Other items that meet the definition of exceptional gain/loss: □ Applicable √ Not applicable
No such cases.
Explanation of the situation where the non-recurring gains and losses items listed in Interpretative Announcement
No. 1 of Companies Issuing Publicly Traded Securities - Non-Recurring Gains and Losses are defined as recurring
gains and losses items:
□ Applicable √ Not applicable
No such cases.
(III) Changes in Key Financial Statement Line Items and Their Explanation Unit: RMB

Balance sheet items31 March 202531 December 2024ChangeExplanation of changes
Financial assets held for trading8,461,955,103.185,685,135,472.0148.84%Mainly due to increase of the net balance of structured deposits
Accounts receivable1,987,365,269.321,193,408,383.7866.53%Mainly due to the cyclical influence of payment collection
Other receivables777,669,208.861,166,499,343.90-33.33%Mainly due to receipt of dividends from investees
Treasury shares218,204,634.1750,559,789.14331.58%Mainly due to increase in repurchased shares
Income statement itemsQ1 2025Q1 2024ChangeExplanation of changes
Gains from changes in fair value11,616,449.31147,051,320.93-92.10%Mainly due to decreased gains from changes in the fair value of other non-current financial assets held in the current period
Reversal of credit impairment5,383,101.47317,386,566.39-98.30%Mainly because a subsidiary received an operating compensation from its minority shareholders in the same period of last year, and the
　　　　relevant impairment provision established in the prior period was reversed, while there were no comparable matters in the current period
Cash flow statement itemsQ1 2025Q1 2024ChangeExplanation of changes
Payment for other operating activities282,954,748.90183,965,871.1253.81%Mainly because subsidiaries paid sea area usage fees on behalf of others in the current period
Proceeds from disposal of investments8,540,000,000.005,080,000,000.0068.11%Mainly due to increased redemption of structured deposits upon maturity
Investment returns received794,287,190.17422,126,527.1088.16%Mainly due to increased dividend income from joint ventures and associates in the current period
Payment for acquisition of fixed assets, intangible assets and other long-term assets574,353,180.71372,944,173.5854.01%Mainly due to increased purchase of fixed assets
Payment for acquisition of investments11,383,606,292.724,640,000,000.00145.34%Mainly due to increased purchase of structured deposits
Repayments of borrowings3,570,274,776.805,453,578,743.45-34.53%Mainly due to decreased repayments of borrowings that were due in the current period
Payment for other financing activities189,188,006.31132,219,744.3943.09%Mainly due to increased payments for share repurchases in the current period
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders

　35,996 (25,724 A-shareholders, 10,272 B-shareholders)Number of preferred shareholders with resumed voting rights (if any)0　　　
　　　　　　　
　Nature of sharehold erShareh olding percent ageTotal shares heldRestricted shares heldShares in pledge, marked or frozen　
　　　　　StatusShares
CHINA MERCHANTS PORT INVESTMENT DEVELOPMENT COMPANY LIMITEDForeign legal person45.92%1,148,648,6480-0
ZHEJIANG PROVINCIAL SEAPORT INVESTMENT & OPERATION GROUP CO., LTD.State-own ed legal person23.06%576,709,537576,709,537-0
CHINA MERCHANTS GANGTONG DEVELOPMENT (SHENZHEN) CO., LTD.State-own ed legal person14.83%370,878,0000-0
SHENZHEN INFRASTRUCTURE INVESTMENT FUND-SHENZHEN INFRASTRUCTURE INVESTMENT FUND PARTNERSHIP (LIMITED PARTNERSHIP)Fund and wealth managem ent products etc.2.59%64,850,1820-0
BROADFORD GLOBAL LIMITEDState-own ed legal person2.21%55,314,2080-0
CHINA-AFRICA DEVELOPMENT FUNDState-own ed legal person0.62%15,610,3680-0
HONG KONG SECURITIES CLEARING COMPANY LTD.Foreign legal person0.24%6,011,6430-0
THE CHINESE PEOPLE'S PROPERTY INSURANCE CO., LTD.－TRADITIONAL- GENERAL INSURANCE PRODUCTFund and wealth managem ent products etc.0.20%5,072,5210-0
ZOU YANMINDomestic natural person0.18%4,396,0000-0
MORGAN STANLEY INVESTMENT MANAGEMENTForeign legal0.12%2,912,0000-0
COMPANY-MORGAN STANLEY CHINA A FUNDperson　　　　　
Top 10 unrestricted shareholders　　　　　　
Name of shareholderUnrestricted shares heldShares by type　　　　
　　TypeShares　　　
CHINA MERCHANTS PORT INVESTMENT DEVELOPMENT COMPANY LIMITED1,148,648,648RMB ordinary share1,148,648,648　　　
CHINA MERCHANTS GANGTONG DEVELOPMENT (SHENZHEN) CO., LTD.370,878,000RMB ordinary share370,878,000　　　
SHENZHEN INFRASTRUCTURE INVESTMENT FUND-SHENZHEN INFRASTRUCTURE INVESTMENT FUND PARTNERSHIP (LIMITED PARTNERSHIP)64,850,182RMB ordinary share64,850,182　　　
BROADFORD GLOBAL LIMITED55,314,208Domestically listed foreign share55,314,208　　　
CHINA-AFRICA DEVELOPMENT FUND15,610,368RMB ordinary share15,610,368　　　
HONG KONG SECURITIES CLEARING COMPANY LTD6,011,643RMB ordinary share6,011,643　　　
THE CHINESE PEOPLE'S PROPERTY INSURANCE CO., LTD.－TRADITIONAL- GENERAL INSURANCE PRODUCT5,072,521RMB ordinary share5,072,521　　　
ZOU YANMIN4,396,000Domestically listed foreign share4,396,000　　　
MORGAN STANLEY INVESTMENT MANAGEMENT COMPANY-MORGAN STANLEY CHINA A FUND2,912,000RMB ordinary share2,912,000　　　
QIAN GUANGHAI2,768,000Domestically listed foreign share2,768,000　　　
Related or acting-in-concert parties among the shareholders above1. Broadford Global Limited is entrusted to manage the 74.66% shares of Rainbow Reflection Limited held by China Merchants Holdings (Hong Kong) Company Limited, and China Merchants Port Investment Development Company Limited is the wholly-owned subsidiary of Rainbow Reflection Limited. 2. Broadford Global Limited is the controlling shareholder of China Merchants Gangtong Development (Shenzhen) Co., Ltd. The Company does not know whether the other unrestricted shareholders are related parties or not.　　　　　
Top 10 shareholders involved in securities margin trading (if any)N/A　　　　　
Note: As of the end of the Reporting Period, among the top 10 shareholders of the Company, there was a "Special
Securities Account for Repurchased Shares of China Merchants Port Group Co., Ltd.". There were 11,155,474
repurchased shares in the account, accounting for 0.45% of the Company's total share capital. 5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing
shares lending
□ Applicable √ Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return
compared with the prior period
□ Applicable √ Not applicable
(II) Number of Preferred Shareholders and Shareholdings of Top 10 of Them □ Applicable √ Not applicable
III Other Significant Events
To effectively promote the enhancement of the listed company's investment value, increase investor returns, and
protect the legitimate rights and interests of the Company, investors, and other stakeholders, the Company actively
responds to and implements regulatory requirements. Based on the Company’s specific situation, a valuation
enhancement plan has been developed. The Company will focus on improving the quality of the listed company,
enhancing operational efficiency and profitability, and legally and compliantly using methods such as share
repurchases and cash dividends to promote the increase of the Company’s investment value. In accordance with relevant provisions such as the Company Law of the People's Republic of China, the Securities
Law of the People's Republic of China, the Several Opinions of the State Council on Strengthening Supervision,
Preventing Risks, and Promoting the High-Quality Development of the Capital Market, the Administrative
Measures for Information Disclosure of Listed Companies, the Guidance No. 10 on Market Value Management
for Listed Companies, the Articles of Association, etc., the Company held the First Extraordinary Meeting of the
11th Board of Directors in 2025 on 27 February 2025, and passed the proposal on the Valuation Enhancement
Plan. For specific details, please refer to the Valuation Enhancement Plan disclosed on www.cninfo.com.cn on 28
February 2025 (Announcement No.: 2025-007).
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by China Merchants Port Group Co., Ltd.
31 March 2025
Unit: RMB

Item31 March 20251 January 2025
Current assets:　　
Cash and bank balances14,806,669,856.6316,630,400,701.13
Settlement reserve　　
Interbank loans granted　　
Financial assets held for trading8,461,955,103.185,685,135,472.01
Derivative financial assets　　
Bills receivable197,333,215.20270,127,883.63
Accounts receivable1,987,365,269.321,193,408,383.78
Receivables under financing　　
Prepayments74,667,782.5059,177,117.22
Premiums receivable　　
Reinsurance receivables　　
Receivable reinsurance contract reserve　　
Other receivables777,669,208.861,166,499,343.90
Including: Interest receivable　　
Dividend receivable203,940,612.52554,387,723.94
Purchased and resold financial assets　　
Inventories288,334,578.47269,958,020.34
Including: Data resource　　
Contract assets　　
Assets held for sale　　
Non-current assets due within one year35,007,241.8534,997,992.08
Other current assets222,788,244.74251,697,812.77
Total current assets26,851,790,500.7525,561,402,726.86
Non-current assets:　　
Loans and advances to customers　　
Investments in debt obligations　　
Investments in other debt obligations　　
Long-term receivables3,811,065,261.723,777,373,574.70
Long-term equity investments100,949,575,170.07100,018,029,894.96
Investments in other equity instruments139,451,887.05139,451,887.05
Other non-current financial assets28,524,600.3128,524,600.31
Investment properties3,256,776,476.423,288,690,070.60
Fixed assets30,390,452,143.6430,689,217,791.45
Construction in progress3,511,967,476.093,311,109,996.59
Productive living assets　　
Oil and gas assets　　
Right-of-use assets8,982,547,605.048,957,352,063.54
Intangible assets17,524,450,088.6417,335,082,422.84
Including: Data resource6,091,745.326,251,120.27
Development costs35,979,040.2263,395,053.69
Including: Data resource　　
Goodwill6,116,425,469.135,933,310,929.34
Long-term prepaid expenses917,487,725.33940,404,479.94
Deferred tax assets368,079,660.07365,481,207.77
Other non-current assets1,378,668,892.461,109,025,181.81
Total non-current assets177,411,451,496.19175,956,449,154.59
Total assets204,263,241,996.94201,517,851,881.45
Current liabilities:　　
Short-term borrowings10,848,619,498.3012,791,242,141.69
Borrowings from the central bank　　
Interbank loans obtained　　
Held-for-trading financial liabilities　　
Derivative financial liabilities　　
Notes payable　1,536,194.00
Accounts payable638,204,483.44785,830,532.33
Advance payments received15,419,584.7914,576,237.84
Contract liabilities312,494,733.22267,888,272.62
Financial assets sold under repurchase agreements　　
Customer deposits and interbank deposits　　
Payables for acting trading of securities　　
Payables for underwriting of securities　　
Employee benefits payable920,942,347.831,168,592,349.15
Taxes payable733,493,365.38725,165,726.32
Other payables1,939,916,208.161,923,980,312.98
Including: Interest payable　　
Dividends payable146,385,736.99132,334,744.28
Handling charges and commissions payable　　
Reinsurance payables　　
Liabilities directly associated with assets held for sale　　
Non-current liabilities due within one year10,668,136,258.3710,506,682,795.60
Other current liabilities4,090,090,321.204,061,201,760.72
Total current liabilities30,167,316,800.6932,246,696,323.25
Non-current liabilities:　　
Insurance contract reserve　　
Long-term borrowings15,576,449,507.7715,582,593,255.65
Bonds payable15,867,294,284.7613,875,559,119.52
Including: Preferred shares　　
Perpetual bonds　　
Lease liabilities1,496,994,783.991,387,206,990.51
Long-term payables3,435,298,052.163,204,582,672.75
Long-term employee benefits payable652,061,319.43655,658,044.98
Provisions165,818,602.26159,435,795.50
Deferred income1,256,350,270.841,268,975,316.61
Deferred tax liabilities4,910,140,522.584,795,985,333.59
Other non-current liabilities176,481,868.58182,720,254.84
Total non-current liabilities43,536,889,212.3741,112,716,783.95
Total liabilities73,704,206,013.0673,359,413,107.20
Shareholders' equity:　　
Share capital2,501,384,781.002,501,308,481.00
Other equity instruments　　
Including: Preferred shares　　
Perpetual bonds　　
Capital reserve37,359,295,965.8537,362,981,831.67
Less: Treasury stock218,204,634.1750,559,789.14
Other comprehensive income-1,391,291,892.17-1,558,381,237.45
Specific reserve50,577,869.1040,074,647.27
Surplus reserves1,249,537,330.501,249,537,330.50
General reserve　　
Retained earnings23,049,406,854.2621,957,778,579.11
Total shareholders' equity attributable to shareholders of the Company62,600,706,274.3761,502,739,842.96
Non-controlling interests67,958,329,709.5166,655,698,931.29
Total shareholders' equity130,559,035,983.88128,158,438,774.25
Total liabilities and shareholders' equity204,263,241,996.94201,517,851,881.45
Legal Representative: Xu Song
Chief Financial Officer: Huang Zhenzhou
Head of Accounting Department: Liu Shixia

2. Consolidated Income Statement
Unit: RMB

ItemQ1 2025Q1 2024
1. Total operating income4,214,355,369.193,866,684,797.87
Including: Operating income4,214,355,369.193,866,684,797.87
Interest income　　
Premium income　　
Handling charge and commission income　　
2. Total operating costs3,189,038,065.343,245,856,053.42
Including: Operating costs2,245,844,139.202,166,647,172.05
Interest expense　　
Handling charge and commission expense　　
Surrenders　　
Net claims paid　　
Net amount provided as policy reserve　　
Expenditure on policy dividends　　
Reinsurance premium expense　　
Taxes and surcharges90,627,401.1580,797,651.01
Selling and distribution expenses　　
General and administrative expenses367,556,368.59404,257,134.50
Research and development expenses46,195,951.4738,342,010.57
Finance expenses438,814,204.93555,812,085.29
Including: Interest expense544,396,368.32593,698,496.94
Interest income97,076,599.76107,481,452.37
Add: Other income14,993,894.2119,365,152.13
Investment income (Loss is marked with "-")1,421,217,121.491,324,200,287.75
Including: Income from investments in associates and joint ventures1,390,784,259.811,309,684,765.64
Income from the derecognition of financial assets at amortized cost (Loss is marked with "-")　　
Foreign exchange gain (Loss is marked with "-")　　
Net gain on exposure hedges (Loss is marked with "-")　　
Gains from changes in fair value (Loss is marked11,616,449.31147,051,320.93
with "-" )　　
Reversal of credit impairment5,383,101.47317,386,566.39
Impairment losses (Loss is marked with "-" )　　
Gains from assets disposals (Loss is marked with "-" )581,588.58569,564.20
3. Operating profit (Loss is marked with "-")2,479,109,458.912,429,401,635.85
Add: Non-operating income7,563,676.876,269,913.85
Less: Non-operating expenses5,566,153.525,611,201.34
4. Profit before income tax (Loss is marked with "-")2,481,106,982.262,430,060,348.36
Less: Income tax expenses343,740,895.76339,494,816.71
5. Net profit (Loss is marked with "-")2,137,366,086.502,090,565,531.65
5.1 Net profit classified by continuity of operations　　
5.1.1 Net profit from continuing operation (Loss is marked with "-")2,137,366,086.502,090,565,531.65
5.1.2 Net profit from discontinued operation (Loss is marked with "-")　　
5.2 Net profit classified by ownership　　
5.2.1 Net profit attributable to shareholders of the Company1,090,726,175.191,036,713,969.25
5.2.2 Net profit attributable to non-controlling interests1,046,639,911.311,053,851,562.40
6. Other comprehensive income, net of tax470,386,805.58-295,783,519.94
Other comprehensive income attributable to shareholders of the Company, net of tax167,089,345.28-118,098,265.76
6.1 Other comprehensive income that will not be reclassified to profit or loss-4,571,653.52　
6.1.1 Remeasurement of defined benefit plan-4,571,653.52　
6.1.2 Other comprehensive income recognised under the equity method　　
6.1.3 Changes in fair value of investments in other equity instruments　　
6.1.4 Changes in fair value of entity’s own credit risk　　
6.1.5 Others　　
6.2 Other comprehensive income that will be reclassified to profit or loss171,660,998.80-118,098,265.76
6.2.1 Other comprehensive income recognised　-1,208,564.98
under the equity method　　
6.2.2 Changes in fair value of other debt investments　　
6.2.3 Amount of financial assets reclassified into other comprehensive income　　
6.2.4 Credit losses of other debt investments　　
6.2.5 Cash flow hedge reserve　　
6.2.6 Translation differences arising from translation of foreign currency financial statements171,660,998.80-116,889,700.78
6.2.7 Others　　
Other comprehensive income (net of tax) attributable to non-controlling interests303,297,460.30-177,685,254.18
7. Total comprehensive income attributable to2,607,752,892.081,794,782,011.71
Shareholders of the Company1,257,815,520.47918,615,703.49
Non-controlling interests1,349,937,371.61876,166,308.22
8. Earnings per share　　
8.1 Basic earnings per share0.440.41
8.2 Diluted earnings per share0.440.41
3. Consolidated Cash Flow Statement （未完）
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